Two Wolverines were consensus first-team All-Americans: senior team captain Randy Logan and offensive tackle Paul Seymour.

Schembecher won the first Big Ten Football Coach of the Year Award based on a poll of news media covering the conference.

The Wolverines lost 13 starters from the 1971 team, including Mike Taylor, a consensus All-American linebacker, Reggie McKenzie, a consensus All-American at offensive guard, Billy Taylor, who set Michigan's career rushing record with 3,072 yards, and defensive back Thom Darden.

[2] Shortly before the season opener, coach Schembechler announced that sophomore Dennis Franklin would be the starting quarterback.

"[5] Alan "Cowboy" Walker, who gained 403 yards in 1971, had been expected to be the Wolverines' lead tailback, but he quit the team before the season started.

Quarterback Dennis Franklin ran six yards around the left end for the first touchdown in the second quarter.

The quarter began with Navy's Ike Owens fumbling the opening kickoff after being hit by defensive end Mark Jacoby.

The Wolverines totaled 334 rushing yards, including 107 by Ed Shuttlesworth, 81 by Chuck Heater, and 64 by Dennis Franklin.

Sophomore tailback Chuck Heater led Michigan's rushing attack with 155 yards on 29 carries with touchdown runs in the first and second quarters.

Quarterback Dennis Franklin completed seven of 12 passes for 105 yards, but he also had three turnovers – a fumble on the first play from scrimmage and two interceptions.

Illinois scored late in the third quarter on an 18-yard run by George Uremovich, and Gil Chapman responded with a 73-yard kickoff return after the Illini touchdown.

Bob Thornbladh, playing for the injured Shuttlesworth at fullback, was Michigan's leading rusher with 97 yards on 25 carries.

Bob Thornbladh, playing in place of injured Ed Shuttlesworth at fullback, rushed for 98 yards and scored a touchdown.

Purdue featured College Football Hall of Famers Dave Butz and Otis Armstrong, quarterback Gary Danielson, and receiver Darryl Stingley.

Michigan scored a touchdown on its opening drive of the third quarter (an 11-yard pass from Dennis Franklin to Paul Seal), but Mike Lantry missed the extra point kick.

Dennis Franklin completed a pass to Clint Haslerig for a two-point conversion, cutting Ohio State's lead to three points.

Instead, Schembechler called for a quarterback sneak on fourth down, and Randy Gradishar stopped Franklin short of the goal line.

However, Michigan's inability to score on two drives inside the Ohio State five-yard line gave the victory to the Buckeyes.

With a 10–1 record in 1972, Michigan did not play in a bowl game, despite its top ten ranking (#8 AP, #6 UPI) at the end of the regular season.

Two Michigan players, defensive back Randy Logan and offensive tackle Paul Seymour, were consensus first-team selections for the 1972 College Football All-America Team.

[20][21] At the Michigan football bust in Detroit on December 4, Randy Logan was presented with the Lewis B. Hyde Memorial Award as the most valuable player on the 1972 team, based on the vote of his teammates.

[22] On December 11, Michigan's defensive coordinator Jim Young was hired as the head coach for the University of Arizona Wildcats football team.

[23] Offensive line coach Larry Smith and graduate assistant Mike Hankwitz also left the Michigan staff in December 1972 to join Young in Arizona.

Undefeated USC received all fifty first-place votes, with Michigan ranked sixth and Ohio State ninth.

[26][27] On January 24, 1973, Schembecher was announced as the winner of the first Big Ten Football Coach of the Year Award.